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Northern Rock 125% Mortgage
MrGreen44
Posts: 190 Forumite
Wondering if anyone help or advise me on 125% mortgages ?
My daughter and son in law are looking to try and save money on their mortgage but the loan part of their mortgage prevents them changing lender.
Northern Rock will triple the interest if they try to move companies.
Are they allowed to do this? and is their anything I can do to resolve it?
Keb
My daughter and son in law are looking to try and save money on their mortgage but the loan part of their mortgage prevents them changing lender.
Northern Rock will triple the interest if they try to move companies.
Are they allowed to do this? and is their anything I can do to resolve it?
Keb
0
Comments
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Yes they're allowed to do it. Your daughter and son in law could change lender if they have enough equity to pay off the mortgage and loan and still stay under 90% LTV. If they can't, they need to overpay in order to get the LTV down. Urge them to post a Statement of Affairs on the Debt Free Wannabee forum to come up with a plan to pay off the debt.0
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